The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 4.7% in the group’s seasonally adjusted composite index, following a rise of 0.2% for the previous week. Mortgage loan rates fell last week.

The seasonally adjusted purchase index decreased by 5% from the most recent report. On an unadjusted basis, the composite index fell 5% week-over-week. The unadjusted purchase index also decreased by 6% for the week and is up about 4% year-over-year.

The MBA’s refinance index fell 4%, after remaining flat in the previous week.

The share of refinancings remained unchanged again at 63%, its lowest level in more than two years. Adjustable rate mortgage loans account for 6% of all applications, flat with the prior week.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.61% to 4.56%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.64% to 4.57%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.66% to 3.6%0.

The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 3.39% to 3.36%.

Refinancings continue at low levels when compared with the past two years as interest rates continue to bounce around — one week up slightly, the next week down slightly. Year-over-year, the unadjusted purchase index is still improved.